If this corporation has been holding 8% of its work force “out of charity” for the last few years and then all of a sudden spits out a large population of Houston based senior employees based on “performance issues”, they are going to see it for what it is.
Just consider yourselves the first ones on the life boat. Many are going to be facing the same soon. XOM can’t shift fast enough to change their credit rating.
This CEO is a lying sack of sh–. They are forcing people out who have 20 years with the company who are disabled, but not retirement eligible. These employees will lose their medical insurance ASAP, will not be able to draw their pension for years, and likely will not be employable because disabled. They are breaking the law and they figure they can get away with it because the economy is tanking. It was in the plans since April and the CEO says in May no layoffs. F—ing liar. And yet his compensation and other executive compensation did not decrease. I feel sorry for the loyal, hard working employees who are getting tagged for the botton 8% without any clue in advance.
If you believe that all of the folks being PIP'd are deserving then to you I say keep drinking that Kool-Aid. I personally have never seen a situation quite like this before. What saddens me is that there isn't even a mechanism to defend yourself against the sudden change in status from one year to the next.
To the poster who wrote about this process weeding out the “weak performers”, you couldn’t be more wrong. There are a lot of people in the pre-retirement and early retirement categories who have dropped 30+ points in the ranking just this year. There’s only one reason that they changed all of the ranking rules this year (3%-8% PIP and no limit on how far you could drop) and put a lot of 50-year olds in PIP ... and it wasn’t performance related.
If you hold company stock in your 401k you are a fool.
Chill people.. interesting thing is.. the thing is the “brains” behind what got us in thus state remains immune from the lay-off.. so do think about how you want to preserve your 401K.. I am vested and am regretting not dumping them like our leaders..
In the past i was upper middle 1/3. Now PIP. No warning.
This is not business as usual as mentioned above.
So many people on this thread seem to know how many/who were PIPed. So hard to know who was PIPed. It is a big veil of secrecy meant to isolate those who are PIPed.
XOM has always tried to identify new hires that are not working out and counsel them out of the system. This is nothing new. In the past if you were bottom 10% for 3 years in a row, then there was a high chance of being PIP'd by year 3. Increasing the the PIP to 8% simply accelerates the process. In a year or two, it will be back to normal. Alot of weak performers need to be weeded out. XOM got a lot out in 2016-2017, but that was an upstream focus. This needs to be corporate wide.
Not overblown, 5-8% is def happening.
Good thing there is a link floating around with 8% guidance as if it's a fact that NSI means PIP/laid off. Most refineries in America have MPT headcount reduction targets of 8% YE21 which would indicate less than 8% is let go.
Thank you again for copy / paste the link with changed guidance for assessment purposes. Until 8% is actually let go, that's just a handout moving bucketed assessment categories with everyones assumption that NSI = PIP
It’s nice to see you being vague about where you work. MPT’s are being targets at 8% and new hires as another poster mentioned are as well just their own category.
From another thread
People really need to check the image at link that another poster was kind enough to provide. that image should be passed on to journalists. It makes clear the bump up in cuts this year via so called performance management. There is a document I’ve previously seen on the intranet via searching ‘MRLP’ which also laid out the jump from 3% to 8%, but what the poster below has provided is much more explicit in detail. Reminder of link:
https://upload.vaa.red/28x526#9539b9cc5df55bee63c74886bee762a8
Where I'm working, we're not seeing a 8% reduction in headcount. So unless the campus is letting go 10%+ to compensate, it looks like specific businesses are being impacted more vs others.
While the company is reducing headcount, 8% seems to be overblown in the number of PIPs and people being let go.